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Economics - Introductory View Of The Subject
If at so distant an epoch we had been able to survey the whole area now covered by the United States we should have seen no form of human activity except the pursuits of savage life. The principal occupation of the inhabitants would have been making war upon each other, and hunting wild animals for food.
Economics - Definition Of The Field Of Political Economy
Economics is a term introduced by recent English writers which has the double advantage of brevity and of avoiding the serious objections brought against the current term Political Economy.
Economics - Of Scientific Method
The distinction between a pure and an applied science can-not be made a sharp one. As our knowledge expands, pure science is made to include a wider and wider field, and we can never say exactly where the line should be drawn.
Economics - Special Features Of Economic Method
ALTHOUGH the processes just described are common to all science, yet in the case of political economy they have to be applied in a way entirely different from that of physical science. The reason of this difference is that one great object of political economy is to foresee how men will act.
Economics - Fallacious View Of Economic Method
THE object of the present chapter is to point out certain misapprehensions respecting economic method, which are closely related to the subject of the preceding chapter. The most common mistake made by those interested in the subject is that of looking upon the propositions of political economy as real or pretended absolute truths which can be applied without regard to time, place, or circumstances.
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